THE R/S TRIANGLE PATTERN APPEARS TO BE COMPLETE
Summary: The RS pattern is nearing completion following the anticipated sharp reversal from the S2/S target zone.
The recent rise to R1* could represent the beginning of an impulsive bull trend labelled 1,2,3,4,5 aiming for targets T1 and T2.
A pullback from R1* could be developing into the second phase of this trend.
The pair's inability to surpass the crucial R1* level means the bull trend is still not confirmed.
Important Levels: R1* remains the key level for confirming the bullish trend. A breach of the SA1* level would weaken the bullish perspective, likely leading to continued fluctuation between R1* and S2.
Alternative Scenario: If the pair fails to break out from the RS triangle pattern, it may indicate a prolonged and more complex consolidation phase.
Target and re-assessment levels:
Important levels: R1* and SA1*
Primary trend: Bull trend to T1/T2
Current trend: Downside to SA1*, followed by gains to R1*
Monthly Range: R1*/SA1*
Technical rating: Medium
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